Argentina’s financial scoreboard had a strong June: a credit-rating upgrade, country risk near an eight-year low, a record trade surplus, and faster-than-expected reserve accumulation. But many Argentines are still living on a different clock, marked by company closures, precarious jobs, and weak consumption.

In Episode 4 of The Argentina Brief, Francisco Aldaya and Daniel Politi unpack the two-speed economy, Manuel Adorni’s undeclared-cash scandal in his final weeks in office, and why it matters for Milei’s anti-caste brand. They also look at Argentina’s strange new AI pitch: companies run entirely by artificial intelligence, with Fran drawing on his interview with Federico Sturzenegger to break down what the proposal actually says, as Milei sells the idea abroad and Yuval Noah Harari warns of the risks.

Then football enters the picture: Messi as a political loyalty test and what Buenos Aires looks like during a Selección match. For Sobremesa, Allie Lazar joins to talk Argentine asado culture, the national team’s beef shipment to Kansas City, and where to find the best empanadas in Buenos Aires.

Editor’s note: This episode was recorded on June 25, before Manuel Adorni’s resignation. The conversation reflects how the scandal was being understood at the time.

A dramatic week in Argentina. Chief of Staff Manuel Adorni resigned on Saturday after more than three months under scrutiny over his unexplained wealth — becoming the fourth person to hold the post in just 2.5 years. Meanwhile, the economic data painted a mixed picture: Q1 GDP beat expectations, but unemployment ticked up. MSCI declined to reclassify Argentina, and Economy Minister Luis Caputo secured the dollars for the July bond payment at a rate well below Wall Street.

*Adorni resigns amid wealth scandal — Interior Minister Diego Santilli floated as likely replacement
*Q1 GDP grows 0.7%, beating forecasts — unemployment rises to 7.8%
*MSCI keeps Argentina in Standalone status — reclassification off the table until at least 2027
*Caputo funds the July 9 bond payment at 6.7%, avoiding international markets
*The official dollar jumps 4.5% in June
*Government confidence rises for the first time in 2026
*Knowledge Economy exports surpass US$10 billion for the first time

A landmark week for Argentina's credit story — and we break it all down in under 3 minutes.

📊 In this episode:

*S&P upgrades Argentina to B- — now aligned with Fitch; country risk drops to 8-year low below 440bp
*Eight corporates upgraded: YPF, Pampa Energía, TGS, Telecom Argentina, Genneia, YPF Luz, EDEMSA, Aeropuertos Argentina 2000
*May inflation at 2.1%; core breaks below 2% for the first time
*Vice Minister Daza: "The dollar didn't flatten — it normalized"
*Industry and construction both -2.8% YoY; Argentina last in Americas for hiring expectations
*Delinquency hits 27% — Supervielle CEO sees 3-4 more tough months
*Adorni scandal goes global — FT publishes dedicated piece
*Louis Dreyfus announces US$400M sunflower plant in Bahía Blanca

📰 About the Argentina Brief:

The Argentina Brief includes a weekly X thread and video wrap-up, as well as a monthly English-language podcast covering the most important economic, financial, and business news from Argentina — built for investors, executives, and anyone following the Milei era in real time.

🔗 Follow for more Argentina coverage:*X Thread (full weekly breakdown): https://x.com/ArgentinaBrief/status/2066294994365825177